Doha - Qatar Islamic Bank (QIB) has received the 'Product Innovation Award' under the Islamic Finance category from Global Finance for the bank's efforts in introducing innovative Shariah-compliant products, including long-term deposits with flexible profit payment options.
The long-term deposits with flexible profit payment options and higher expected yields allow customers to choose how they want to receive the profit on their deposit � upfront profit payment, monthly, quarterly, or at maturity. QIB manages and invests the funds on Murabaha basis to realize the best profit, Gulf Times-News reported.
With the flexible profit payment options introduction, customers can decide which frequency matches their own financial and liquidity needs. Customers do not have to wait for long periods to start receiving profits and their liquidity requirements are met without the need to break a term deposit.
The tenors of the offered term deposits are one, two, three, and five years. Longer tenors have better-expected profit rates, and customers can get QIB financing for up to 90 percent of the deposit value at a competitive rate.
To improve the customer experience we offer; innovation is key; we're pleased that our commitment to product innovation has been recognized. Through market research, we are able to tailor our services to meet and even exceed our customers' expectations. We would like to thank our customers for their trust and loyalty to QIB.
Over the past few years, QIB has been investing in evolving the bank's products and services to meet the growing needs of all customers. The bank is improving the banking experience it offers, having completed the installation of a brand new core banking system last year and embarking on a new journey to further simplify and digitalise its services, said QIB Group CEO Bassel Gamal.
He added: We are pleased to be representing the Qatar banking industry in the innovator's award. This particular award is a testament to our excellent track record in delivering a high-quality banking experience as we continue to focus on offering innovative Islamic banking products and services to our customers.
The Global Finance magazine, headquartered in New York, is a reputable source for developments in the financial industry. Each year, Global Finance selects the best financial institutions around the world. These awards have become a recognized and trusted standard of excellence.
Global Finance magazine has announced The Innovators 2017, Islamic Finance, the publication's second annual listing of Shariah-compliant financial institutions and service providers that have fully recognised the critical importance of product and service innovation together with technology enhancement and investment.
QIB's profit grew by 12.8 percent reaching QR555mn for three months ending on March 31 compared to same period last year. QIB assets currently stand at QR143.3bn having grown by 9.1 percent on a year-on-year basis. Financing activities have reached QR99.5bn, up 9.3 percent compared to March 2016. Total Income reached QR1.4bn compared to a total income of QR1.2bn during the same period of last year registering a growth of 16.3 percent.
The bank has been recognized by the industry, receiving multiple awards from highly-reputable entities. Recently, QIB won the 'Best Islamic Financial Institution in Qatar and the GCC' award from Global Finance, cementing its position as a leading Islamic bank in Qatar and a major player in the regional Islamic banking sector.
Source: International Islamic News Agency